U.S. Office Rent Decline Slowed in Third Quarter, Reis Says
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U.S. office rents fell in the third quarter at their slowest pace since the first three months of 2009, suggesting demand may be stabilizing even as vacancies hover at a 17-year high, said property research firm Reis Inc.
Actual rents paid by office tenants, known as effective rents, dropped 3.6 percent from a year earlier to an average of $22.05 a square foot, Reis said in a statement today. They were little changed from the second quarter’s $22.06 a square foot.